Moderate pessimism continues as the main theme of economic news from China, as it faces turmoil in the EU – if considered a single economy, China’s largest trading partner – and rising concerns about the stability of the Chinese financial system. With confirmation of a $1.7 billion spending plan, the Chinese government is making a major effort to head off a serious recession.
Manufacturers are scaling back in what may be the sharpest cutback since the 2008 financial